The US retail giant Wal-mart will open its first outlet in Shanghai next year and also move its headquarters there.

Wal-mart says hello to Shanghai. Not only will the US retail giant open its first outlet in the port city next year, but will also place its headquarters there.

Aside from the Pudong area store, the Commerce Ministry has also approved two other Wal-mart stores in Shanghai in 2005.

Wal-mart will complete construction of its first Shanghai store by May 2005. The store is expected to provide about 500 jobs.

Wal-mart entered China in 1996. It now operates 30 stores in China. Only three of these are located in East China, including one in Beijing.

Source: CRI News